secwatch.observer — SEC 8-K summary
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Issuer:     Processa Pharmaceuticals, Inc. (PCSA)
CIK:        0001533743
Form:       8-K
Filed at:   2023-09-21T23:59:59+00:00
Accession:  0001493152-23-033372
Event type: regulatory
Sentiment:  neutral
Materiality: 0.65
Item codes: 3.01, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Nasdaq grants Processa second 180-day grace period to meet $1.00 bid price rule
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- Received Nasdaq letter on Sept 19; second compliance period ends March 18, 2024.
- Must maintain closing bid price ≥$1 for 10 consecutive days to regain compliance.
- Board adopted amended bylaws including majority voting on routine matters and exclusive Delaware forum for derivative suits.
- Directors now removable only for cause by 66% stockholder vote; board can change director count without stockholder vote.
- Company may pursue reverse stock split to cure deficiency if needed.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1533743/000149315223033372/0001493152-23-033372-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1533743/000149315223033372/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-033372

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